A 70% off clearance means you pay only 30% of the original price. On a $120 item, that's a savings of $84, bringing the final price down to just $36. These deep discounts are typically applied to end-of-season inventory, discontinued styles, or overstocked merchandise that the retailer needs to move quickly.

Return policies for clearance items vary by retailer. Many stores mark clearance items as final sale, meaning no returns or exchanges are accepted. Others may offer store credit but not refunds. Always check the return policy before purchasing, especially for clothing where fit may be uncertain.

Major clearance events occur at the end of each season: January for winter items, April for spring, July for summer, and October for fall merchandise. Additionally, stores run clearance after major holidays and during inventory transitions. Shopping clearance one season ahead can net you the best deals on clothing and seasonal goods.